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Momentum Continues with 7th Consecutive Record Month, New Partners, Product Innovations, and More

by Prosper on 10/11/13

September was another eventful month for Prosper. We closed the month with $33.1 million in loans originated through the Prosper platform, marking the 7th straight month of record-setting loan originations.

Last month, I mentioned a series of changes made to the Prosper platform that we anticipated would have a positive impact overall. In September, we had the opportunity to see the initial impact of these changes and we are very excited at the results so far. September finished with $59 million in loan requests through the Prosper platform, a 24% increase over July’s loan requests of $47.6 million and our best month yet. October daily originations have benefited from the listing activity in the later part of September and we continue to see more and more borrowers finding loan options that meet their needs.

The two main changes impacting the results are:

  • Improved borrower experience: Early on in September we launched a new borrower onboarding experience that makes it easier for people to come to the Prosper website and quickly make their way through the borrower application process. Part of this change included the removal of the loan description and loan title fields. We have received extensive feedback from our lenders to add these fields back to the borrower application. We appreciate all your feedback and participation in this conversation. We are exploring options that will meet everyone’s needs and I will let you know when I have more information. 
  • FICO 08® score transition: also early on in September, we transitioned over to the FICO 08® scoring model. This change, in conjunction with the Prosper Rating system, has strengthened our credit policy as anticipated. FICO 08® directly aligns us with industry standards and enables us to get more competitive with our rates and offers. Stay tuned for more feedback on the impact of this change. 

We also had some other exciting announcements in September. To name a few;

  • Prosper Raises $25M in New Round: At the end of September, we announced that Prosper raised $25 million in additional funding to accelerate the company’s growth at a time when peer-to-peer lending is attracting a record number of borrowers and lenders. The round, which was led by existing partner Sequoia Capital, also included a new investment by BlackRock, the world’s largest asset manager. You can read more in the media articles linked below.

The New York Times DealBook: Prosper Raises $25 Million in New Round Adding BlackRock as a Backer
VentureBeat: P2P Lending Platform Lines Coffers with $25M in New Funding
TechCrunch: Lending Marketplace Prosper Locks down $25M from Sequoia, BlackRock

  • The Prosper TV Commercial: To get the word out to more people about the great opportunity to borrow through Prosper, we also launched an advertising campaign that will run across various cable channels including CNN, ESPN and Bloomberg. To view the commercial click here
  • Welcome Dr. Elan Amir: Starting this month we have the good fortune to add Dr. Elan Amir to the Prosper Marketplace executive team. Elan joins us as Chief Product Officer. He brings with him a wealth of background and experience in product development, operations, and management. Read his complete bio here

If you’re looking to get involved in the P2P conversations, Ron Suber, Head of Global Institutional Sales for Prosper Marketplace will be speaking at the following upcoming events in October.

Stay tuned for more information and changes to come. Open to questions and comments below. Thanks for reading!

Aaron Vermut
President, Prosper Funding LLC

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8 Responses

David Ramirez | October 11th, 2013 at 3:43 pm

Will you be addressing the issue with Folio registration anytime soon?

MattG | October 18th, 2013 at 5:52 am

Mr Vermut,

I hope there is a continuous study in the performance of the new style of Prosper Loans that do not carry a description. I sense overall performance will dip slightly as requiring a description may actually filter out less worthy borrowers. Please advise if this information is available as some of us Lenders use the description area as a behavioral tool when choosing to fund a listing or not.

Christophe | October 23rd, 2013 at 8:16 am

I’m glad you guys improved borrower experience… but you did it at the expense of the experience of the lender. Prosper feels a whole lot less peer to peer then it did when I joined as a lender several years back. Removing the loan description and funding history might seem trivial to you guys, but these were important tools for those of us investing our hard earned money into your business. I would strongly suggest adding real investors to your user testing before making any more borrower experience improvements.

Michael Sonesnhine | October 27th, 2013 at 5:24 am

It would be helpful if it is possible to download account data in format CSV as is done at Lending Club. Also Lending Club allows loans to be separated into various portfolios. The LendingClub investor interface is much better overall. Thanks.

Redog | October 31st, 2013 at 6:35 am

I echo the sentiment of bringing back the loan description and funding history. It was a valuable screening option for lenders.

Tyler Schwend | November 5th, 2013 at 7:40 am

The lack of satisfactory response on the issue of load descriptions etc has led me to moving my Prosper loans, as they are paid off, into other non-traditional investments. Originally I got into Prosper because it was better than just leaving money to sit in a savings account and I liked the idea of being able to help people who are taking some initiative in straightening out their finances. However, the “Click and cash” direction that Prosper is moving in has taken any sense of person out of the picture, and I do not appreciate the reduction in control that it provides. This lender is fleeing Prosper. It is now less personal than a bank loan.

Order23 | November 25th, 2013 at 12:35 pm

Why are there so few loans ? and when will the description field be coming back ?

Chris Jacob | November 25th, 2013 at 3:08 pm

Agree with other sentiments regarding the lending information part of the loan coming back again. Also improvements to the search function for loans. Finally there seems to be a bug where loans show as ended on the description page when they have time left showing on the results page and haven’t hit the 100% limit.

posted in Featured,Lenders,Prosper News 8 comments »

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Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.